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(MoneyNewsWire.Net, May 09, 2018 ) The global bulletproof glass market is projected to reach USD 7.65 Billion by 2022, at a CAGR of 13.6% between 2017 and 2022. The growth of this market can be attributed to the growing demand for bulletproof glass from the automotive and military end users.
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The automotive segment led the global bulletproof glass market in 2016. The military segment is projected to witness highest growth from 2017 to 2022, due to the increasing usage of bulletproof glass in military bases, combat operations, and transportation of personnel, mine detection, bomb disposal, and Intelligence, Surveillance, and Reconnaissance (ISR), battle tanks, infantry fighting vehicles, armored personnel carriers, and tactical tanks.
Defense & VIP Vehicles was the largest segment of the bulletproof glass market in 2016. The defense & VIP vehicles segment includes combat vehicles, transportation of personnel, premier vehicles, VVIP vehicles, vehicles used by governments, embassies, and others for protection from ballistic or blast attacks. Some of the common armored vehicle products used in the defense sector include main battle tanks, infantry fighting vehicles, armored personnel carriers, and tactical tanks.
North America is projected to be the fastest-growing market. The U.S. is the largest consumer of bulletproof glass. The high demand for bulletproof glass from automotive, military, and construction segments is driving the market.
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The declining or stagnant defense budgets of the major economies of the world, which include the U.S., Canada, the U.K., Germany, France, Italy, and Japan, among others, are expected to act as restraints to the growth of the bulletproof glass market, globally.
Key players operational in the bulletproof glass market include Asahi Glass Co., Ltd. (Japan), China Specialty Glass AG (China), Nippon Sheet Co., Ltd. (Japan), Saint-Gobain S.A. (France), Consolidated Glass Holdings, Inc. (U.S.), Total Security Solutions (U.S.), SCHOTT AG (Germany), D.W. Price Security (U.K.), Smartglass International Ltd. (Ireland), Apogee Enterprises, Inc. (U.S.), and National Glass (South Africa). These companies adopted various strategies to increase their shares in the market. Collaborations, agreements, acquisitions, and expansions are some of the key strategies adopted by market players to achieve growth in the bulletproof glass market.
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